2004 (8) TMI 395

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....vember, 1998. The statutory notice of demand was attempted to be served upon the registered office. However, the same came back with the endorsement "Not known". 2. The winding-up petition was heard by Girish Chandra Gupta, J. when His Lordship by his judgment and order dated 16th May, 2002 admitted the winding-up petition and directed advertisement to be published once in the "Statesman" and once in the "Pratidin". His Lordship granted liberty to the company to pay off the admitted sum together with costs of the application assessed on Rs. 10,000. Before His Lordship, the company took a plea that no statutory notice was served in the eye of law. His Lordship held that there was bona fide attempt on the part of the petitioner to serve stat....

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....t of money lent and advanced for a sum of Rs. 5 lakhs. The said fact is not disputed by the company. It is also an admitted fact that the company paid from time to time interest on the said sum. The confirmation of account was also signed by the petitioner as would appear from the documents annexed to the winding-up petition. The company also furnished TDS Certificate for the income tax deducted from the interest income accrued to the petitioner. Hence, there cannot be any dispute whatsoever with regard to the payability of the amount as claimed by the petitioning creditor. Assuming the winding-up notice was not served upon the company, it is evident that the company is unable to pay its debt. There is an admitted sum due and payable. The c....

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....sum of Rs. 5 lakhs. The company paid interest from time to time as would appear from the documents annexed to the pleadings. The company deducted tax at source out of the interest income. Even after this I am unable to find out any dispute at all far to speak of bona fide which could at least prima facie show that there is a triable issue. The court of appeal already held that there was no statutory notice served upon the company in law. The aforesaid facts, however, depict that the company is not in a position to pay the just dues of the petitioner. Failure and negligence to pay the admitted sum is also an instance of involved circumstances. The aforesaid fact would clearly show that the company is unable to pay its debt. If the company is....